NN Group, the Dutch insurance and asset-management group, has reached a settlement of 300 million euros ($328 million) related to unit-linked insurance products. The settlement, announced late Tuesday, is with Consumentenclaim, Woekerpolis.nl, Woekerpolisproces, Wakkerpolis, and Consumentenbond. The products in question were sold in the Netherlands by Nationale-Nederlanden, which includes Delta Lloyd and ABN AMRO Levensverzekering.
As part of the settlement, NN Group will book a provision of 360 million euros in its fourth-quarter accounts. This provision not only covers the settlement amount but also provides an additional 60 million euros for hardship cases and customers who are unaffiliated with the interest groups and haven’t previously received compensation.
NN Group emphasized its comfort with a cash capital position ranging from 500 million euros to 1.5 billion euros.
“We acknowledge the criticism that certain products did not meet our customers’ expectations, and we are pleased to announce a final settlement with all interest groups,” stated Chief Executive David Knibbe.
Furthermore, NN Group clarified that all legal proceedings will be discontinued as a result of this settlement. The interest groups and affiliated parties will not be able to initiate new legal proceedings.